J.C. Penney to close 13 to 14 percent of stores

AP via Star Tribune ^ | 24 February 2017 | ANNE D'INNOCENZIO

[oh8eleven]

NEW YORK — J.C. Penney said Friday that it will be closing anywhere from 130 to 140 stores as well as two distribution centers over the next several months as it aims to improve profitability in the era of online shopping.

The closures represent about 13 percent to 14 percent of the department store operator's current store count, and less than 5 percent of total annual sales. The company said that it would also initiate a voluntary early retirement program for about 6,000 eligible employees.

[neocon1984]

Well over 90% of my on-line clothes shopping (the vast majority of my clothing shopping) is with LLBean and Brooks Brothers. I like their quality and timeless styles.

I don’t need BB clothes much anymore, but they last forever. I have only recently started get rid of 25 year old dress shirts. I still have quite a few sport coats. I gave away most of the ties and suits except what I will need for weddings and funerals.

You initially spend more for BB and LLB, but if you stay the same size and keep the same classic style, they last forever.

[Yogafist]

Wow, I have had nothing but great success with B&H. I upgraded some camera equipment last year and got free expedited shipping on most of the stuff. Plus I don’t have to pay state and local governments 10% of the purchase price to spend money I have already paid state and federal income tax. To be honest, I only use them for more expensive items, the absence of taxes allows me to spend a little more on my choices.

[AlaskaErik]

J C Penney has a decent selection of tall sizes, so I do buy shirts there. But Bass Pro has a much better slection of jeans and cargo pants in my size.

[oh8eleven]

Loser company.
I bought a refrigerator six months ago from Lowes. Last month I noticed a JCP ad announcing that they now sold appliances - and had my refrigerator priced 40% above what I paid.
Apparently they think the average shopper is going to drop a bundle without doing any comparison shopping.

[ridesthemiles]

Try looking for shirts at Land’s End.

[oh8eleven]

I believe that they’ve maybe overcome those issues.
They had to or they'd have gone under.

[oh8eleven]

I have had nothing but great success with B&H.
As I said, it was 15 years ago when I dealt with them. They had to change their policies or they'd have gone under.

[Qiviut]

Exactly - you said it well!!

[onedoug]

Amazon is where I buy my clothes. It beats checking a bunch of department stores and not finding what I want. Online, one can be precise about what one wants.

[The Truth Will Make You Free]

Originally called the Golden Rule Store, Penny was a hard working Christian who did not smoke or drink. These closures are partially the result of the pro-deviant CEO they had a while back. Sad.

[oh8eleven]

Amazon is where I buy my clothes.
I can't do that. I have to see it, feel it, maybe try it on.

[oh8eleven]

Penny was a hard working Christian who did not smoke or drink.
I can remember when he was still with us. He's spinning in the grave now.

[faucetman]

France is devastated! (Jacque C Pinay)

[GOPJ]

JCP thought they were too good for the ‘great unwashed’... let the damn ‘elites’ shop there and keep them going.

[onedoug]

I’ve never been disappointed. Yet, anyway.

[GOPJ]

JC Penney stands with white liberal elites and their pet victim groups - - against the American middle class.

It's been a costly mistake.

Penney should have stayed with providing quality products and dropped the political snobbery of 'elites'. It was a stupid mistake- - kinda sad because people like me liked their products ... I haven't shopped there in years and probably never will again.

[HonkyTonkMan]

Bill Ackmen drove them in the ground. He had goofy ideas of a store within a store, no check out registers, children’s playgrounds, remodeling stores, and tokens for frequent shoppers. It was so bad, the interviewers were laughing at him.

[mewzilla]

Bill Ackman helped do that to Borders, too...

[HonkyTonkMan]

Had no idea he was behind that! I recently spoke to a friend whose wife worked at Borders for years. She is a bibliophile, very well-read. Anyhow she mentioned the change from books to toys and all kinds of other merchandise. She also observed many of the employees did not care about books or literature.

The video is no longer available, but the CNBC talking heads had a good laugh at Ackman's approach to turnaround JCP. Bad idea to invest millions in remodeling stores when nobody is coming in the front door (hello JCP, Radio Shack).

[vette6387]

“I love B&H photo. Best prices and I have never had a bad customer service engagement. “

That’s been my experience with them as well. I ordered a red dot sight for my AR-15 from them for Xmas, but it was backordered. They followed up every couple of weeks letting me know status until they got stock and shipped my order. Good place as far as I am concerned.